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Nov 26, 2012
11/12
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FBC
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>> well, what he said is if we go over the fiscal cliff, the economy will drop into a recession and the fed does not have the ability to stop that. now the question is, what if we do not hold the fiscal cliff but some of the other things that are being talked about, like the president's plan, what would happen then? the president's plan to raise taxes on high income individuals, cutting deductions for high income individuals, raising the corporate tax rate read a long list of that sort. eliminating the payroll tax holiday. that would take about 2% out of the gdp next year. we are struggling to reach 2%. as we would basically be on the edge of an economic downturn we are sure to go into a recession if we go over the cliff and don't turn it around quickly. but even if we don't, if we have something like the obama plan, we could easily slide into recession. it is not nearly as much is going over the fiscal cliff, but it basically would offset the very weak growth, less than 2% growth that we are having right now. >> you agree with the estimate of gdp growth for 2013? again, ben bernanke, t
>> well, what he said is if we go over the fiscal cliff, the economy will drop into a recession and the fed does not have the ability to stop that. now the question is, what if we do not hold the fiscal cliff but some of the other things that are being talked about, like the president's plan, what would happen then? the president's plan to raise taxes on high income individuals, cutting deductions for high income individuals, raising the corporate tax rate read a long list of that sort....
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107
Nov 26, 2012
11/12
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FBC
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but do you interpret this -- all of the drama around the fiscal cliff to be really, a total lack of faith? heresy in front of the growth model demonstrate as you point out, over the past two years, they are really saying, this economy can't grow fast enough to support the government. we won't see revenue increase unless we raise taxes. >> that is absolutely correct. but, of course, the perverse thing is you don't get growth if you raise tax rates. and, california and several to the states, the top rate is approaching 50%, effectively with a 50% top rate. and, business has as much incentive to fire somebody, to lower costs, as to hire somebody to increase revenues. >> lou: we have a contemporaneous pareexperiment g on, in california bringing tax levels above 50%, the nation, right now, getting rea to move higher are we going to see california behave that's cas th in the coal mine, if you will when it comes to economic growth and the ability to support an ever-growing government. >> yes, people are fleeing california. california is a microcosm of what happens to countries that raise their t
but do you interpret this -- all of the drama around the fiscal cliff to be really, a total lack of faith? heresy in front of the growth model demonstrate as you point out, over the past two years, they are really saying, this economy can't grow fast enough to support the government. we won't see revenue increase unless we raise taxes. >> that is absolutely correct. but, of course, the perverse thing is you don't get growth if you raise tax rates. and, california and several to the...
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Nov 26, 2012
11/12
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CNBC
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we are here part of our road trip speaking about the economy, the fiscal cliff. now that the election is over, we're here with mark. we're going to give all your information later, but if i say your name and company, people are going to know where we are. we're not going to give that. you run a marketing company and a branding firm. how has your business gone now that the election is over and as we head toward the fiscal cliff? >> well, our business has been robust and continues to be robust. so far, it hasn't been impacted at all. we're actually looking forward to a pretty good 2013. >> are your clients saying, hey, mark, i want to give you more business, but i'm worried about this fiscal cliff thing. i'm worried about taxes, worried about the economy. are you hearing that at all? >> well, we haven't heard specifically from our clients. and we handle a lot of global brand brands. but i have heard it from other ceos in the region. they're tapping the brakes and not investing to the degree they would have. >> the big companies would hire you to do branding and mar
we are here part of our road trip speaking about the economy, the fiscal cliff. now that the election is over, we're here with mark. we're going to give all your information later, but if i say your name and company, people are going to know where we are. we're not going to give that. you run a marketing company and a branding firm. how has your business gone now that the election is over and as we head toward the fiscal cliff? >> well, our business has been robust and continues to be...
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Nov 26, 2012
11/12
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CNNW
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economy. what's happening in the u.s. economy? it slowly is healing job market is starting to filter into sentiment. and the housing market is showing some notable signs of improvement. this week we're going to hear more on the housing market. manufacturing sector, also some consumer data. we're going to get some fed regional reports from the federal reserve. also going to get a gauge of gdp, gross domestic product. gdp is the broadest gauge of economic growth. prior quarter was something like 2%, not great. we think that maybe they're going to think this quarter was more like 2.8%, which would show, again, that healing in the market overall. a quick focus for you on the housing market. this is something you probably felt most directly. in part because we have record low mortgage rates. last year the 30-year fixed fell to 3.31%. the 15-year fixed, this is the popular refinancing tool, 2.63%. many of you are telling me you can't qualify. i'm telling you, these rates are going to stay low for a long time so you should try to repair
economy. what's happening in the u.s. economy? it slowly is healing job market is starting to filter into sentiment. and the housing market is showing some notable signs of improvement. this week we're going to hear more on the housing market. manufacturing sector, also some consumer data. we're going to get some fed regional reports from the federal reserve. also going to get a gauge of gdp, gross domestic product. gdp is the broadest gauge of economic growth. prior quarter was something like...
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156
Nov 26, 2012
11/12
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CNNW
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cliff. today, we have new proof that people across the country not only are aware of what's going on, they're very, very worried. our new poll shows 68% say the country will face either a crisis or major problems if the cuts in taxes aren't avoided. and a whopping 77% say their personal financial situation will be affected by a failure to solve the fiscal cliff problem. despite this nationwide sense of urgency, there's only a little talk of compromise right now as lawmakers return to washington. our congressional correspondent, kate bolduan, has been working her sources on capitol hill and what's going on. stakes are enormous right now. what's going on? >> they were away for a week. staff was supposed to be working. but lawmakers are arriving back in town with no real whisper of an imminent breakthrough at the moment to avoid this looming series of tax increases and spending cuts that could very well damage the economy. but the air of compromise among some notable republicans is definitely g
cliff. today, we have new proof that people across the country not only are aware of what's going on, they're very, very worried. our new poll shows 68% say the country will face either a crisis or major problems if the cuts in taxes aren't avoided. and a whopping 77% say their personal financial situation will be affected by a failure to solve the fiscal cliff problem. despite this nationwide sense of urgency, there's only a little talk of compromise right now as lawmakers return to...